Set off of Loss against Income from Other Sources is prohibited wef 01.04.2017

Sri. John Daniel Vs ACIT (ITAT Cochin)

The assessee an individual is proprietor of Sunmoon Hospitality. For the assessment year 2015-2016, the return of income was filed on 31.10.2015 declaring total income of Rs.22,18,070. The assessment u/s 143(3) of the I.T.Act was completed vide order dated 30.03.2017, wherein the total income arrived was at Rs.26,05,110.

Subsequently, the CIT issued notice u/s 263 of the I.T.Act. According to the CIT, the asse

Please become a Premium member. If you are already a Premium member, login here to access the full content.